Vitesco Technologies falls after weak Q1 results

Vitesco Technologies AG

12/05/2023 07:58

** Shares in Vitesco Technologies  VTSCn.DE  fall 4.8% in
early Frankfurt trade after the German EV components maker
posted its first quarter results
    ** "Report shouldn't be good enough to prevent
profit-taking" a local trader says, adding adj. EBIT came in
below Bloomberg's estimates
    ** Vitesco Technologies reported its adj. EBIT at 37.1
million euros ($40.84 million) for the first quarter, compared
to 47.7 million euros a year earlier
    ** "Small beat on Group adj. EBIT but worse FCF" Jefferies
says
    ** Vitesco's Q1 free cash flow(FCF) stood at -41.1 million
euros 
    ** The Regensburg-based company also expects the market
environment to be challenging in the second quarter of 2023, as
it confirms its full year guidance for the current year
    ** The stock seen at the bottom of Germany's small-cap
index .SDAXI 


($1 = 0.9084 euros)

 (Reporting by Ozan Ergenay)
 ((ozan.ergenay@thomsonreuters.com))